This is the latest in a series of projects that could earn the 29-year-old $5 million by the end of the year, according to a source close to his finances.

Reportedly earning $60,000 per episode for the third season of "Jersey Shore," Sorrentino also earns tens of thousands for various public appearances.

The reality star has also developed a fitness video and designed a clothing line for Dilligaf. On top of his iTunes rap song and computer apps, it was announced earlier this year that he would also be writing his autobiography, "Here's the Situation."

The complete line-up for "Dancing with the Stars" will be announced on ABC on August 30.